Gbpaudtrade
GbpAud- confirmed 700 pips targetFrom the mid of December, GbpAud is trading in a rising wedge pattern.
Yesterday the pair has closed the session under the rising support line, confirming the change of medium-term trend and a potential 700 pips target.
First important support comes into place at 1.92 zone.
GBPAUD SELLGA looking like a nice sell setup, if you're not in this already look for retest of the purple box area, and rejection on the 15 min time frame. Looking like a nice opportunity to sell around this area due to the fact it is rejecting the fib levels we look out for as well descending trend line and rejection of the EMA.
Take partial profits at the given levels.
200 pip gain 4/1 RR
GBPAUD approaching support, potential for a bounce!
GBPAUD is expected to drop to 1st support at 1.91640 where it could potentially react off and up to 1st resistance at 1.94198.
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Losses can exceed the initial investment so please ensure you fully
understand the risks.